Zarubezhneft visits Ecuador, Zarubezhneft

Release Date: 2009-08-03

Delegation of Zarubezhneft, strategically interested in the South American market, during a short working visit to Quito (Ecuador) after the visit to Cuba, had a meeting with their colleagues from the state oil company Petroecuador. The parties presented their companies, the main activities and projects, and discussed the possible options of cooperation.

Representatives of Petroecuador noted that many local oil companies need large investments and reliable partners, and Zarubezhneft, as a foreign state oil company, could potentially be such a partner. They presented several strategic projects for consideration of the Russian colleagues; the parties agreed to maintain business contacts and expressed hope to continue further relations.

Possible framework of developing the hydrocarbon prospects of the Ecuadorian fields was discussed with the representatives of Petroproduccion, an affiliate of Petroecuador, involved in geologic exploration and oil and gas production. A set of the key issues for joined study and consideration was defined during the discussion where the Ecuadorian specialists pointed out the need to involve modern technologies, servicing and equipment supply in oil and gas production.

Russian and Ecuadorian oilmen noted that these meetings and discussions were anticipating the visit of the President of Ecuador to Russia planned for late October 2009. It is quite possible that energy cooperation of both countries could be the subject of the talks of the Presidents of Russia and Ecuador. In this respect, it is important that both companies have established contacts and made the preliminary meetings so that now they can proceed to a closer study and development of the possible lines of further cooperation.

Type:	NORMAL
Company:	Zarubezhneft
Country:	Russian Federation